“This is a sad day for democracy. This treaty will mean that those countries tied by it will have permanent budgetary government from Brussels. It will make all future elections irrelevant because people through the ballot box will not be able to change their state’s economic policies.

"Just saying the word 'Growth' will not make it happen. Given the current economic crisis it shows Cameron and the Brussels political class are either desparate or have a great sense of humour.”

The fiscal stability treaty (pdf) enters into force on 1 January 2013, provided it is ratified by at least twelve Eurozone countries (the veto - unanimity - for treaty changes was abolished by the Lisbon treaty).

The UK and the Czech Republic have not signed the treaty, while Ireland's signature is subject to a referendum to be held later this year.

Image: Commission president Barroso with Council president Van Rompuy at the Council meeting this morning (The Council of the European Union)